ECONOMIC DEVELOPMENT AND HUMAN CAPITAL OF THE REGION: MUTUAL INFLUENCE ON THE EXAMPLE OF LVIV REGION

Анотація

Human capital is identified as one of the essential factors of economic growth. However, there is an inverse effect of the economic development of territories on the formation and improvement of human capital, which needs to be researched. It is advisable to apply the system of simultaneous equations to identify the mutual influence between human capital and economic development. To study the dependence of economic development (EPD) and human capital (number of employed population) of Lviv region, such indicators as capital investments, consumer price index, scientific expenses of enterprises for carrying out scientific research, average salary per employee, number of specialists graduated from higher education institutions were used educational institutions of the Lviv region. The simultaneous model of the influence of human capital on regional development is described by two equations: GRP and the number of the employed population. The first equation of the model describes the dependence of the volume of the gross regional product on the employed population of the region, capital investments, the consumer price index, and the scientific expenses of enterprises for conducting scientific research. The model's second equation describes the employed population's dependence on the volume of the gross regional product, the average salary, and the number of graduates of higher education institutions in the Lviv region. As shown by the results of calculations based on statistical data for 2004–2021, 99.4% of the gross regional product is explained by the influence of such indicators as capital investments, the consumer price index, scientific expenses of enterprises for carrying out scientific research and human capital – employed population of Lviv region. At the same time, 86.4% of the employed population is explained by the influence of the following indicators: the average salary per employee and the number of graduates from higher education in the Lviv region. Therefore, analyzing the obtained results, we can conclude that the model adequately reflects the influence of human capital on the regional development of the Lviv region.

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